Notes: According to CLSA data are rough estimates for solar departments of big corporations and for private firms based on outside-in calculations. Years refer to calendar years for international and to fiscal year for Japanese companies (e.g. FY 2004: 2004/04 to 2005/03)

© Source: CLSA Aisa-Pacific Markets; graphic: PHOTON International

CLSA sees growth in solar operating profits especially for big cell and module manufacturers.